§ Mr. KELLYasked the Postmaster-General what is the estimated amount, expressed as a percentage of wages, inclusive of the present cost-of-living bonus, which should be paid annually into a hypothetical pension fund in order to secure for the established manipulative staffs of the Post Office the benefits payable under the Superannuation Acts; and what rate of interest is the fund assumed to earn in arriving at this percentage?
§ Mr. LEES-SMITHThe estimate of pension liability which is made for the Post Office Commercial Accounts is based on actuarial calculations in which the various sections of the manipulative staff are dealt with separately; and the percentages of wages (including bonus) which represent the current provision in respect of a hypothetical pension fund to meet the liabilities under the Superannuation Acts range from 9 per cent. to 13¼ per cent. The rate of interest used in the calculations is 4½ per cent.